The strength of business cooperation between China and Italy was emphasized at the launch of the 2024 Development Report of Chinese Enterprises in Italy, which took place on December 20, 2024, in Milan. This significant event gathered about 150 participants, including representatives from both Chinese and Italian companies and various business associations.
The report marks the first of its kind to be released by the Chinese Chamber of Commerce in Italy (CCCIT) since its establishment in 2021. It offers a comprehensive overview of the current status and future trends of Chinese enterprises operating within Italy. This initiative seeks to provide valuable insights aimed at enhancing cooperation between the governments and institutions of China and Italy concerning economic and trade sectors.
According to the report shared with the Global Times, surveyed Chinese firms have shown unwavering commitment to the Italian market. The findings have indicated strong overall operations from Chinese-funded enterprises, which have significantly contributed to investment, tax revenue, and employment within Italy. Yet, the report also highlights concerns from these companies, particularly about Italy's protectionist policies and overall business environment, which present various challenges.
During the ceremony, Yan Dong, the president of CCCIT, expressed the chamber's aspirations for this report: to relay the operational status and challenges Chinese-funded enterprises are currently facing to the relevant Italian authorities. He noted, "Protectionism is the biggest difficulty and challenge they face in their investments in Italy," underscoring the necessity for Italian institutions to refine their business regulations and practices.
The report features responses from 92 Chinese companies operating within Italy, demonstrating their perceptions and experiences. A notable 65 percent of the companies surveyed identified Italy as one of their key regional markets, and more than half projected gradual increases in their staffing levels within the next three years. Further investments by more than one-third of these companies also signal optimism about growth opportunities.
Nonetheless, the report candidly points out areas needing attention, particularly the restrictive nature of existing legislative frameworks, including Italy's 'Golden Power' regime and the 'EU Foreign Subsidy Regulation.' These policies have been recognized as hindering the potential for Chinese enterprises to invest and develop adequately within Italy.
Liu Kan, the Chinese consul general in Milan, provided perspective on the report's importance, stating, "The report offers a vivid overview of the development of Chinese enterprises, reflecting their long-term commitment and strong confidence in the Italian market, as well as their sincere expectations for improving the business environment." His remarks underscored the potential for renewed engagement and cooperation as the two nations approach the 55th anniversary of their diplomatic relations, which occurs in 2025.
With each of these comments, the hope among the Chinese business community is palpable: to seize new opportunities, work collaboratively with Italian counterparts, and actively contribute to uplifting the bilateral relationship to new heights. Both Liu and Yan expressed optimism for future collaboration, emphasizing the significance of mutual respect and sustained dialogue to facilitate growth.
Given the dynamic nature of international trade and the potential for economic synergies, it is clear from the findings of this development report and the accompanying sentiments from business leaders, both Chinese and Italian, there lies significant promise for future Sino-Italian business cooperation.
